The Highest Use for Residential Development Urban Housing ã Great diversity from historical evolution, changes in technology and tastes. ã Multiple attributes to each house: size, baths, exterior material, style .location ã Consumers value each of these attributes with the normal law of micro-economics: diminishing marginal utility. ã Huge industry has evolved to applying statistical models to understand and predict diverse house prices: – Property Tax appraisals. – Automatic Valuation Services for lenders, brokers